The Economic Development Partnership of Alabama (EDPA) announced on Friday that 12 early-stage companies have advanced as semifinalists in the Alabama Launchpad Startup Competition.
Last week, a judging panel comprised of individuals representing investors, entrepreneurs and corporate stakeholders of varying experience from across Alabama selected a dozen startups to face-off in Cycle 4 of the competition.
Startups are competing in one of two tracks – “concept stage,” which is for entrepreneurs launching businesses and “seed stage,” which is comprised of businesses accelerating growth.
The semifinalists for the concept stage are:
- AerBetic (Birmingham): has developed a non-invasive, wearable alert sensor for managing diabetes.
- Human Detection Solution (Valley): aims to introduce a heat detection protection sensor for the manufacturing industry.
- Jeri (Alexander City): is a care planning software for family caregivers.
- LEVELD (Mobile): is an app-based marketplace providing individuals access to tools and equipment rentals via peer to peer transactions.
- Satterfield Technologies (Birmingham): a medical device company offering 3D manufactured low-cost, custom-fit, user-designed knee braces.
- SPENDiD (Birmingham): a budgeting app that provides a simplified overview of monthly expenses.
The seed stage semifinalists are:
- Babypalooza (Birmingham): is a community for new and expectant parents, connecting them to information, resources, and products.
- CigarClub (Mobile): is a tailored monthly subscription service of premium cigars.
- Domestique (Birmingham): is a coffee roasting and beverage company providing high quality, ready-to-drink products.
- Fledging (Birmingham): is a computer storage solution provider that manufacturers solid state drives (SSD) for Apple computers.
- Morph Local (Huntsville): provides community concierge services to help individuals connect with their new city.
- TriAltus Bioscience (Birmingham): offers services for life scientists who work with genetically engineered proteins.
Thirty-five startups from across the Yellowhammer State submitted applications to compete in this cycle of competition, with 17 meeting the criteria to be reviewed by the judges and considered to become semifinalists. On October 22, the judges will choose six finalists – three in each of the two tracks – to advance to the competition finale, which will be held on November 14 in Fort Payne. At this final event, judges will select a concept startup winner to win a $50,000 cash prize and a seed winner to receive a $100,000 cash prize.
There are four cycles per year with $150,000 in investment funding awarded per cycle. Winners were just recently named for Cycle 3 of the 2018 competition.
Funding from Alabama Launchpad helps high-growth, innovative startups launch or scale their businesses. While this funding is important, all competitors get the added benefits of access to mentors, valuable feedback to grow their businesses and connectivity to the growing network of Alabama Launchpad alumni across Alabama.
Since its inception in 2006, Alabama Launchpad has invested over $4.5 million in companies that have created more than 500 jobs and raised over $70 million in follow-on capital and revenue. Alabama Launchpad is the most active early-stage investor in Alabama, according to PitchBook, which tracks the public and private equity markets.
Alabama Launchpad is a public-private partnership made possible through support from the business community, the state’s research universities, the Alabama Research Alliance, the Alabama Department of Commerce and the Appalachian Regional Commission.
Now in its 28th year, the non-profit EDPA represents the private sector’s contribution to economic development in Alabama. EDPA is supported by more than 60 partners from across the state and works to attract, retain and grow jobs, while also encouraging innovation through its Alabama Launchpad program.
Read more about the EDPA and its important efforts here.
Sean Ross is a staff writer for Yellowhammer News. You can follow him on Twitter @sean_yhn
